Calculate the max pain strike price from call and put open interest data. Find where Bank Nifty option writers lose the least money at expiry, with visual pain distribution chart.
1 Setup Strike Range
Configure the strike prices. The tool will generate an OI input table for all strikes in the range.
Bank Nifty current level
Bank Nifty: 15 units
2 Enter Open Interest Data
Enter the Open Interest (in contracts/lots) for Calls and Puts at each strike. Get this data from NSE Option Chain, Sensibull, or Opstra. You can also paste bulk data.
Call OI (lots)
Strike
Put OI (lots)
Max Pain Analysis
Max Pain Strike
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Distance from Spot
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Pain at Max Pain Strike
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Total value of options at max pain
Pain Distribution Chart
Total value of options if underlying expires at each strike. The strike with the lowest total is the max pain point.
Call Pain (loss for call writers) Put Pain (loss for put writers)
Detailed Pain Values per Strike
Strike
Call OI
Put OI
Call Pain (₹)
Put Pain (₹)
Total Pain (₹)
Market Structure Analysis
Calculate Greeks for options near the max pain strike:
Disclaimer: Max Pain is a theoretical concept based on the assumption that option writers manage price toward minimum loss. In reality, markets are driven by multiple factors. Max Pain should be used as one data point among many — not as a sole trading signal. Past max pain accuracy does not guarantee future results. F&O trading involves substantial risk of loss. This is not financial advice.
Frequently Asked Questions
What is Max Pain in options trading?
Max Pain is the strike price where option writers (sellers) collectively lose the least money at expiry. It's calculated by summing the intrinsic value of all in-the-money calls and puts at each possible expiry price. The strike with the lowest total pain is the max pain point.
How do I get OI data for Bank Nifty?
Go to NSE website → Market Data → Derivatives → Option Chain. Select Bank Nifty and the relevant expiry. Copy the OI column for both calls (CE) and puts (PE). You can also use Sensibull, Opstra, or your broker's option chain page.
How accurate is Max Pain for Bank Nifty?
Max Pain shows approximately 60-70% accuracy for Bank Nifty weekly expiries — meaning BN closes within 200-300 points of max pain about 2 out of 3 times. It works best in range-bound markets and loses accuracy during strong trends or events like RBI policy days.
When should I check Max Pain?
Most useful on Wednesday-Thursday for Bank Nifty weekly expiry. Check on Monday for initial reference, then update OI data on Wednesday for the most relevant reading. Max pain can shift during the week as OI changes.
What does it mean if spot is far from max pain?
If Bank Nifty is trading significantly above or below max pain (500+ points), it suggests strong directional momentum that overrides the gravitational pull of max pain. In such cases, max pain may shift toward the current price over the next few sessions as new OI builds.